You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5. Based on the following information and the post-closing trial balance that follows, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Kornett Company Post-Closing Trial Balance December 31, 2015 Account Title Credit Balances Petty Cash Cash Debit Balances 4,500 243,960 100,000 470,000 16,000 Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies 320,000 1,875 45,640 13,400 654,925 900,000 Land 36,000 246,000 44,000 112,000 5,000 546,000 30,000 42.000 Buildings Accumulated Depreciation--Buildings Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion Patents Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable Accounts Payable Interest Payable Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable Common Stock 25,470 4,710 40,000 270 40 157,000 131,600 28,000 76,000 10,500 50,700 700,000 500,000 1,845,010 3,700,300 Retained Earnings 3,700,300 Kornett Company Balance Sheet December 31, 2015 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity